Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Product Revenue $ 1,097,295 $ 956,486 $ 1,740,481 $ 1,694,510
Product Revenue - Related party 100,567 124,631
Total Revenues 1,197,862 956,486 1,865,112 1,694,510
Cost of Sales:        
Product Cost of Sales (264,231) (276,848) (522,952) (476,876)
Gross Income 933,631 679,638 1,342,160 1,217,634
Administrative Expenses 829,929 816,244 1,620,457 1,739,806
Sales and Marketing Expenses 354,889 513,430 911,545 1,238,754
Sales and Marketing Expenses - Related Party 61,502 93,781
Research and Development Expenses 290,841 321,989 639,283 685,280
Research and Development Expenses - Related Party 22,994 22,994
Amortization of Non-Current Assets 42,777 42,777 85,554 85,554
Loss from Operations (669,301) (1,014,802) (2,031,454) (2,531,760)
Other (Income)/Expenses        
Foreign Currency Transaction (Gain)/Loss 978 2,562 (9,367) 4,817
Interest and Dividend Income (3,632) (8,432) (6,169) (18,716)
Other Income
Total Other Income (2,654) (5,870) (15,536) (13,899)
Loss Before Income Taxes (666,647) (1,008,932) (2,015,918) (2,517,861)
Income Tax Benefit
Net Loss Attributable to Common Stockholders (666,647) (1,008,932) (2,015,918) (2,517,861)
Other Comprehensive Income/(Loss)        
Net Unrealized Gain/(Loss) on Marketable Securities 852 (2,006) 1,009 6,528
Total Other Comprehensive Income/(Loss) 852 (2,006) 1,009 6,528
Comprehensive Loss $ (665,795) $ (1,010,938) $ (2,014,909) $ (2,511,333)
Basic and diluted loss per common share $ (0.08) $ (0.19) $ (0.25) $ (0.46)
Weighted average basic and diluted common shares outstanding 8,882,326 5,427,261 7,943,168 5,426,153